More Than 60,000 Vacant Homes in Nashville

It’s a great time to be a buyer in the Nashville, Tennessee area at the moment - or at least, it is if the US Census Bureau’s latest statistics are anything to go by. According to them, there are more than 62,640 vacant homes in the greater Nashville

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More Than 60,000 Vacant Homes in Nashville

Posted by Gary Ashton: RE/MAX ADMIN on Monday, December 10th, 2012 at 12:08am.

It’s a great time to be a buyer in the Nashville, Tennessee area at the moment - or at least, it is if the US Census Bureau’s latest statistics are anything to go by. According to them, there are more than 62,640 vacant homes in the greater Nashville area, underlining a wealth of opportunity in the city for all prospective buyers.

The figure is by no means small, but nevertheless experts say that it isn’t an unhealthy one either. The Nashville-Davidson-Murfreesboro-Franklin metropolitan statistical areas’ total inventory stands at no less than 676,139 housing units according to Census data, which means that its current occupancy rate stands at a very healthy 90.74%. This puts the city 34th overall in the United States, according to survey firm On Numbers.

Nashville still has some way to go if it wants to be top dog however; the country’s leading occupancy rate is in San Jose, where 95.7% of all homes are occupied. Nevertheless, Nashville’s 90.74% occupancy rate positively glows in comparison to some of the nation’s worst hit real estate markets, such as Fort Myers and Cape Coral in Florida, which is blighted by a low 64% occupancy rate.

Of course, not all the vacant homes in the Nashville area will be available for buyers. Many of the vacant homes in the city are currently going through protracted foreclosure processes, whilst others have already been foreclosed but not yet listed for sale by the banks that have repossessed them.

In addition, the Census Bureau states that housing units are considered vacant if they are not resided in by permanent occupants; hence, many vacation homes and seasonal homes may also have been classified as being unoccupied, skewing the true number of vacant homes somewhat. Another anomaly that this causes is that popular vacation destinations suffer from artificially low vacancy rates as a result - hence, dozens of Florida cities rank at the bottom.

 

Gary Ashton

The Ashton Real Estate Group of RE/MAX Advantage

The #1 Real Estate Team in Tennessee and #4 RE/MAX team in the world!

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